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10 Banks Currently Offering The Highest Fixed Deposit Interest Rates

Team BankBazaar
·2-min read

With the Reserve Bank of India keeping the repo rate unchanged at 4% for a year now to counter the economic fallout of the Covid-19 pandemic, most of the banks have reduced their fixed deposit interest rates. This has been a worrying trend for countless risk-averse investors like senior citizens who often rely on their FD returns even for their day-to-day-expenses. However, there are still a few private and small finance banks that are currently offering above-average FD returns. Investors could consider parking a portion of their funds in the FDs of these banks after a thorough risk assessment, and if doing so is in line with their returns expectations, risk tolerance and liquidity requirements.

So, if you’re planning to open an FD account, here are the banks that are currently offering the highest interest rates in the country. Do note, all the rates mentioned in the list below are the highest advertised rates for normal FDs amounting to less than Rs.1 crore. Senior citizen depositors usually get preferential rates by up to 0.5% over and above the normal rates.

10 Banks Currently Offering The Highest Fixed Deposit Interest Rates

Bank name

Bank type

Highest advertised FD rate

Applicable tenure

Jana Small Fin. Bank

Small finance bank

7.25% p.a.

3 to 5 years

Suryoday Small Fin. Bank

Small finance bank

7.25% p.a.

3 to 5 years

Equitas Small Fin. Bank

Small finance bank

6.80% p.a.

2 to 3 years

DCB Bank

Private bank

6.75% p.a.

2 to 5 years

Yes Bank

Private bank

6.75% p.a.

2 to 5 years

Ujjivan Small Fin. Bank

Private bank

6.75% p.a.

2 to 5 years

Fincare Small Fin. Bank

Private bank

6.75% p.a.

3 to 5 years

RBL Bank

Private bank

6.60% p.a.

3 to 5 years

IndusInd Bank

Private Bank

6.50% p.a.

1 to 5 years

AU Small Fin. Bank

Small finance bank

6.50% p.a.

2 to 3 years

Disclaimer: Data as on respective banks’ websites on April 30, 2021. For each year range, the maximum offered interest rate has been considered. All interest rates are for normal fixed deposits amounting to less than Rs.1 crore.

Data compiled by BankBazaar.com, an online marketplace for loans, credit cards and more.